NEW ZEALAND PRODUCE IN LONDON.

Otago Witness, Issue 2894, 25 August 1909, Page 21

NEW ZEALAND PRODUCE IN LONDON.

s (From On Oww Correspondent.) " LONDON, July 9. WOOL. I On the 6th inst. the fourth series of •colonial wool sales of the present year was •opened with catalogues totalling 11,533 bales, New Zealand contributing mor© than half -the offering— s*2l bales. From Messrs Ohas. Balme and Co. I learn that the saleroom •was. well attended by all sections of the ■trade, but that competition was marked by joonsiderable hesitation, and a somewhat •larger proportion than usual of the quantity offered was withdrawn. Merinos sold' «t a reduction of 5 per cant, on the rates •current at the dose of the May auctions. ■Quotations for fine crossbreds were unchanged, but those for the medium and •coarser grades were generally 5 per cent, flower. Cape wool met with a somewhat -dragging reception from bhe trade at from 2£ per cent, to 5 per cent, decline from last series' level, For the series there is a -total of some 150,000 bales. Writing to-day, after hhe sales have bsen in progress for a while, Messrs Balme reports — "Although the saleroom is well attended, the tone of tlie market is not so buoyant as durinar the Maj auctions. American »buyers, who are present in large ■numbers, are exercising more^ discrimination in their oporations than" last series, when- they -purchased an. unusually large, qviantity of both merino and crossbred -wools, while European consumers are also adopting a somewihat cautious attitude. In •these ciroumstancea the trend of prices for most classes of* wool is in favour of buyers. Among merinos the better descriptions in mo" grease «ell at about last sale's _ closing rates, but other kinds, particularly these in faulty or iheavy condition, are generally 5 per cent, cheaper. Values for average to good ecoureds are also 5 per cent, down, -while .inferior and' faulty sorts sell with -considerable irregularity and are frequently

7£ per cent, lower. Fine greasy crossbreds, | as well as the . best medium . grades, meet I vitb good competition from American . buyers, and realise rhe rates current at the ' close of the May series, but the general run of medium quality, as well as the coarse growths, have declined 5 per cent. Scoureds and slipes are in l^rge supply; the finer descriptions rule Vom par to- 5 per cent. I and the coarser _o per cent, cheaper." It os mentioned that a few exceptional lots of Ct>%jtb. African wool have made high prices, i as m&fct^g ll£d per lb having been paid for greasea-iwi^feo^cl for snow-whites. For the ordinary sor%sj--VQ^ €verj c ' maf ket is from 2£ to 6 per eentTD&i*— the May final level. Messrs Dalgety amid Co. reporj; tn^os-amo^ tha jjrogness of, the new eeries: — "Tni~|©pemmg day's catalogues., were almost entirely oompesed of New Zealand wools of I rather a miscellaneous dharacter, and at- • ilhough there was some slight hesitation at 1 the outset, oampetition on the whole was good, and prices generally show^ed very little change from May rates, except in the case of coarse, shaibby, greasy crossbreds " and slipe wools,'' which were about 5 per cent." lower. On Wednesday and yesterday wdrtlh a toore varied and better selection, • the bidding increased in spirit, and buy- . inig on American account was more in evidence, though, it is not likely to be carried -on to tie same extent as last series. This is really tone main difference in the market between May end. now, as last sales United Stages Buyers were aut-i>idjdin,g eaah, other • for all suiia3>le lots amd forcing them up to extreme -prices, .whereas now they are buying with more dasarimiraation, and 'though tihey still pay highly for all light conditioned parcels, the fancy prices have disappeared. The general quality too, of the offerings will bs less attractive than in May, as both the.- Australian and iSew Zeaian-d clips of lest season are mainly dis- ' posed of, and although some new clip Queensland wools havo arrived, the cata- ! logues must conrtain many small and unattractive lots, besides, speculators' parce-ls, I wh'Loh latter r.tver sell so readily as firsthand shipments, and of which a fair quanI tity h?.s alreadj appeared among the otterings- to date. * Attendance of "buyers is large, and with the prospect of a two months' interra! befcweer the close of these sales and the beginning of the September series, prices should be well maintained at their present level, especially .for ( all good wools." DAIHT PRODUCE. The supply of colonial Butter is in very I small compass. Arrivals from New Zealand and Australia., small as they are, find I their way to the cold stores. Canadian' receipts are so small that they ar« virtually , nil. Messrs Wpddel "note that prices for all descriptions of colonial butter are nominal at last week's quotation. Cheese is quiet, and buyers are not likimg to speculate at tha liskily high" prices- ruling; everyone is waiting for a decline, whioh comes only alo.vly. For immediate use values in Canada, are too high for anything tut a band-to-mouitih policy. Messrs Weddel give ilhe if-SUowing pricce- ior New Zeal&nd cheese: Choicest. -58s to 60s, and 56s to 58s for fiivest,. against 64 s to 655, arad- 58s to 59s respectively at this time last year. Choicest Canadian cheese is quoted ait 58s to 595. Imports of butter froTl New Zeata-nJ into this country during v the current year have been : January, 60.701cwt; February, 50,524cwt, March U,s*2ovvt; April, 35,145cwt; May, 18,783 cwt; June 5169cwt. Msesrs Dalgety ar,d Co. remark that there is very little Australian butter remaining unsold, and none from Nevr Zealand; consequently buyers are not giving these descriptions serious consftferat:on, andsales ' have to bu 'mado gradually with the aid of cold stores in order to avoid sacrifices, whioh would nrc^gearily be incurared if the jbutter were pressed for sale immediately on landing. ' Prospects for tfoe< opening ot next season appear favourable, as present prices do not encourage speculators to put away Continental car Siberian • butter with a view to taking a profit in the autunin, so a start should bt made with a clear field. The sale of New Zealand cheese nas recently been considerably effected by the heated* condition in which some shipments have arrived. For the six months ended June of this year 296,292cwt of New Zealand cheese arrived, against 229,852cwt for the same period in 1908, and 159,111ewt in 1907 The New Zealand Loan and Mercantile Agency Company mentions the arrival of 546 boxes of New Zealand butter by the Arawa this week. Any perfect lot« Of colonial butter on offer find ready buyers, but other gracks are -slow of sale. More animation ' is being displayed for cheese, especially for new Canadian, but prices aw still 58s -for that make; 58s, 595, and up to 603 for New Zealand white and coloured, the latter figure- being for beet only. S.Z. MEAT. Messrs Dalgety thus briefly report Hie condition of the frozen meat market:-- " Beef : Frozen quarters "irstr, T» quoted id easier this weejl owing to increased! supplies Qi chiiled. Demand is fair. Mutton : The demand has continued extremerfy limited, the market is very weak, and m some cases prices are easier. Lamb: mis branch of the meat -trade has been mos. disappointing The output- is not what it should be at this season of the year and ■ prices have steadily dropped without inccreasins th& consumption. We are afraid the bottom has yet to be reached.